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CASH HANDLING WORKSHOP. SETTING THE STAGE Student Businesses are enabled by the SGA constitution Student Businesses are enabled by the SGA constitution.

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Presentation on theme: "CASH HANDLING WORKSHOP. SETTING THE STAGE Student Businesses are enabled by the SGA constitution Student Businesses are enabled by the SGA constitution."— Presentation transcript:

1 CASH HANDLING WORKSHOP

2 SETTING THE STAGE Student Businesses are enabled by the SGA constitution Student Businesses are enabled by the SGA constitution The CSB, an agent for the Student Government Association and the University administration, is responsible for the guidance, training and oversight of participating student businesses. The CSB, an agent for the Student Government Association and the University administration, is responsible for the guidance, training and oversight of participating student businesses. The CSB is to ensure that the student businesses generate sufficient income to make the investments necessary for the long-term survival of the business The CSB is to ensure that the student businesses generate sufficient income to make the investments necessary for the long-term survival of the business Center for Student Business, CashManagement Workshop

3 What is Cash Handling? Accountability for business revenues Accountability for business revenues Record keeping Record keeping Accounting controls: checks and balances for those handling cash and those keeping records Accounting controls: checks and balances for those handling cash and those keeping records Explaining discrepancies Explaining discrepancies Any differences in cash register and cash need to be identified and justified Any differences in cash register and cash need to be identified and justified Center for Student Business, CashManagement Workshop

4 Financial Accountability All items within the business that are financial in nature are reviewed by not only the CSB, but the SGA and the controllers office as a means of being accountable to the University All items within the business that are financial in nature are reviewed by not only the CSB, but the SGA and the controllers office as a means of being accountable to the University Center for Student Business, CashManagement Workshop

5 Can We Open a Bank Account? University policy states that you may not open an outside bank account University policy states that you may not open an outside bank account All cash (except for the cash bank for your registers) should be deposited to your University account on a daily basis. All cash (except for the cash bank for your registers) should be deposited to your University account on a daily basis. Tips are deposited on a weekly basis Tips are deposited on a weekly basis roll change roll change At the end of each year, you will deposit your cash bank and return your cash bag to CSD At the end of each year, you will deposit your cash bank and return your cash bag to CSD

6 Opening for the Semester Center for Student Business, CashManagement Workshop

7 Cash Bank The cash bank is a loan that you take out at the beginning of the semester so you will have cash for your registers. The cash bank is a loan that you take out at the beginning of the semester so you will have cash for your registers. You must pay back this LOAN as soon as you have earned enough cash. You must pay back this LOAN as soon as you have earned enough cash. Please document this in your cash-out files in the CSB. Please document this in your cash-out files in the CSB. Student taking out the loan must have valid SR Student taking out the loan must have valid SR

8 Taking out the Cash advance Before you open, take out a cash advance loan to provide a change bank for your registers. Go to the Center for Student Development and fill out a loan request. A co-manager with signature responsibility must sign this form as well as someone in the CSB. Take out enough money needed for startup. Before you open, take out a cash advance loan to provide a change bank for your registers. Go to the Center for Student Development and fill out a loan request. A co-manager with signature responsibility must sign this form as well as someone in the CSB. Take out enough money needed for startup. January – Peoples, Sweets, Tix Ophelia – Greeno, Sylvan, BOB Kamran – Earthfoods, CD&C, Bike Center for Student Business, CashManagement Workshop

9 Deposit Bags This is also a good time to get your deposit bags. Remember, deposit bags are checked out at the beginning of each year. Remember, deposit bags are checked out at the beginning of each year. If you lose the bag, your business will be charged the costs of replacing the bag. If you lose the bag, your business will be charged the costs of replacing the bag. Center for Student Business, CashManagement Workshop

10 At the tellers window When you go to the bank teller to get the loan, the same co-manager with signature responsibility who signed the loan request form must be present and have an ID When you go to the bank teller to get the loan, the same co-manager with signature responsibility who signed the loan request form must be present and have an ID You will receive a receipt You will receive a receipt Repay the loan with money made from the first few deposits and the receipt will be stamped as repaid. Keep this. Repay the loan with money made from the first few deposits and the receipt will be stamped as repaid. Keep this. Center for Student Business, CashManagement Workshop

11 Responsibility of Cashout Members: DAILY opening Count out cash change bank Count out cash change bank Report and record any discrepancies Report and record any discrepancies Make sure your Point of Sale, UCard or cash register machine is operating Make sure your Point of Sale, UCard or cash register machine is operating Center for Student Business, CashManagement Workshop

12 Responsibility of Cashout Members: DAILY (cont.) At closing, Run Sales Report (aka Z report) At closing, Run Sales Report (aka Z report) Make sure printer is on Make sure printer is on Special function 5 is sales report; when complete run special function 6 to reset machine Special function 5 is sales report; when complete run special function 6 to reset machine Run credit card nightly settlement report Run credit card nightly settlement report Count out opening change bank from cash drawer Count out opening change bank from cash drawer Order change Order change Center for Student Business, CashManagement Workshop

13 Counting out the Bank from the Register drawer Start with the coins Start with the coins Dont break rolls unless you run out of coins Dont break rolls unless you run out of coins Easy trick is 50(pennies=$.50)- Easy trick is 50(pennies=$.50)- 40(nickels=$2)- 40(nickels=$2)- 50(dimes=$5)- 50(dimes=$5)- 40(quarters=$10) 40(quarters=$10) Move on to the bills – smallest to largest Move on to the bills – smallest to largest Use a Count out sheet to help you Use a Count out sheet to help you Bundle bills by a consistent number Bundle bills by a consistent number i.e. $1 in band of 25s i.e. $1 in band of 25s Center for Student Business, CashManagement Workshop

14 Register Example Assume this night, this is what you have currently in your bank: Assume this night, this is what you have currently in your bank:.01* _5 =_$.05_.05*_5_ =_$.25_.10*_7 =_$.70_.25*_12_ =_$3.00_ $1*_6_ =_$6__ $5*__5_ =_$25_ $10*_4_ _=_$40_ $20*__6__=_$120_ Center for Student Business, CashManagement Workshop

15 Register Example cont. We need to take out $45 in change We need to take out $45 in change What denominations do we need to take out? What denominations do we need to take out? Depends on which denominations are given out the most Depends on which denominations are given out the most Depends on your current drawer Depends on your current drawer Common answer: 20 ones, 4 fives, roll of dimes Common answer: 20 ones, 4 fives, roll of dimes Center for Student Business, CashManagement Workshop

16 Buying Change Form Center for Student Business, CashManagement Workshop

17 Responsibility of Cashout Members: DAILY (cont.) Fill out the cashout form: Fill out the cashout form: COMPARE the sales report to your cash, YCMP, Ucard COMPARE the sales report to your cash, YCMP, Ucard Record YCMP and Ucard amounts Record YCMP and Ucard amounts Compare cash to actual cash; credit card to credit card slips Compare cash to actual cash; credit card to credit card slips Cashout = YCMP + UCARD + Cash Cashout = YCMP + UCARD + Cash Center for Student Business, CashManagement Workshop

18 Cashout may also include: Catering revenue Catering revenue Credit cards Credit cards RSO Sales RSO Sales Departmental Sales Departmental Sales Taxes Taxes The CSB strongly discourages accepting checks due to the frequency of returned checks The CSB strongly discourages accepting checks due to the frequency of returned checks Center for Student Business, CashManagement Workshop

19 Responsibility of Cashout Members: DAILY (cont.) Make a deposit whenever there is cash, usually daily, using your CASH BAGS Make a deposit whenever there is cash, usually daily, using your CASH BAGS Tellers Hours 9am – 3:30pm (closed 12:30 -1:30pm) in the lower level of the Campus Center Tellers Hours 9am – 3:30pm (closed 12:30 -1:30pm) in the lower level of the Campus Center After 3:30 Student Union businesses can make deposits by calling Facilities Services or Security. After 3:30 Student Union businesses can make deposits by calling Facilities Services or Security. Snack Bars: For after hours deposits., call for an escort from Public Safety 545-2121 Snack Bars: For after hours deposits., call for an escort from Public Safety 545-2121 Center for Student Business, CashManagement Workshop

20 DEPOSIT FORM

21 Center for Student Business, CashManagement Workshop Depositing Checks Write in: Your speed type/account code Double check the date, signature, amount Complete the department notes portion of the deposit form: payer name on check and amount Jane Doe $500.00 Do not write on or stamp the back of a check Enter the amount being deposited into each account code, checks are considered cash

22 Deposit Dos & Donts Do deposit daily and include tips Do deposit daily and include tips Do take the deposit with a partner Do take the deposit with a partner Dont be obvious about the cash bag Dont be obvious about the cash bag Do call for Facilities Services to come and open nightly deposit box after hours Do call for Facilities Services to come and open nightly deposit box after hours Do call for a police escort if after hours Do call for a police escort if after hours Police have key to night deposit box Police have key to night deposit box Center for Student Business, CashManagement Workshop

23 Common Deposit Problems Holding Deposits more than one night Holding Deposits more than one night Miscounting cash Miscounting cash Entering wrong amounts Entering wrong amounts Forgetting tip deposit Forgetting tip deposit Omitting information Omitting information Amount of deposit Amount of deposit Account Codes Account Codes Forgetting to include change amounts Forgetting to include change amounts $116.25, not $116 If splitting accounts, (tax, cash, catering etc.) not showing the amounts in split, only the total If splitting accounts, (tax, cash, catering etc.) not showing the amounts in split, only the total Center for Student Business, CashManagement Workshop

24 How to Handle Discrepancies CASHOUT Committee IS NOT RESPONSIBLE FOR THE DEVIATIONS if you keep records: CASHOUT Committee IS NOT RESPONSIBLE FOR THE DEVIATIONS if you keep records: You fill out Register Discrepancy Form You fill out Register Discrepancy Form You fill out Cash Short Over form You fill out Cash Short Over form You keep in touch with CSB You keep in touch with CSB Center for Student Business, CashManagement Workshop

25 Note: Register Discrepancy Over/Short Report If the daily cash deposit has a deviation of $20.00 or more, you are required to fill out a written statement giving information about why you think the deposit was not correct. If the daily cash deposit has a deviation of $20.00 or more, you are required to fill out a written statement giving information about why you think the deposit was not correct. Forms are in CSB or on our Website Forms are in CSB or on our Website Give completed forms to Program Coordinator 24 - 48 hours of the discrepancy Give completed forms to Program Coordinator 24 - 48 hours of the discrepancy

26 This form must be submiteed within 48 hours or your business will be fined $25 This form must be submiteed within 48 hours or your business will be fined $25 Quick submission insures solving the mystery of the discrepancy Quick submission insures solving the mystery of the discrepancy Center for Student Business, CashManagement Workshop

27 How to Reduce Discrepancies Train people on Register Train people on Register Design register procedures to make your lives easier Design register procedures to make your lives easier Cash handling must be done with the fewest number of people possible Cash handling must be done with the fewest number of people possible These people should have proper cash handling training These people should have proper cash handling training Center for Student Business, CashManagement Workshop

28 Responsibility of Cashout Members: weekly Ensure weekly entry of all sales figures into QuickBooks Ensure weekly entry of all sales figures into QuickBooks Record deviations in the CSB Register Discrepancy Report Record deviations in the CSB Register Discrepancy Report Enter daily sales in Sales Tracking weekly Enter daily sales in Sales Tracking weekly Report out at All Staff Report out at All Staff Center for Student Business, CashManagement Workshop

29 Fines Each business will be fined $50.00 if the monthly data is not entered into the CSB computers by the 7 th of the month: Each business will be fined $50.00 if the monthly data is not entered into the CSB computers by the 7 th of the month: CASH-OUT - Register Discrepancy, Quickbooks, Sales Tracking CASH-OUT - Register Discrepancy, Quickbooks, Sales Tracking $50.00 FINE

30 Where Are Files Kept? Each daily cashout form must have a copy of the Z-tape (sales report) and a copy of the deposit form attached Each daily cashout form must have a copy of the Z-tape (sales report) and a copy of the deposit form attached A copy of these files must be kept in the cashout file in the CSB – located in the filing cabinets in the conference room A copy of these files must be kept in the cashout file in the CSB – located in the filing cabinets in the conference room Include a copy of the credit card nightly settlement report (CD&C) Include a copy of the credit card nightly settlement report (CD&C) Center for Student Business, CashManagement Workshop

31 Record Keeping Record the daily cashout figures : Record the daily cashout figures : Within the business own records/Cashout Sheet Within the business own records/Cashout Sheet Sales Tracking Templates Sales Tracking Templates Weekly in QuickBooks Weekly in QuickBooks Register Discrepancy Register Discrepancy Excel file, located in the public directory. Excel file, located in the public directory. Due by the 7 th of each month Due by the 7 th of each month Over/short log Over/short log Discrepancies over $20 due within 48 hours Discrepancies over $20 due within 48 hours Center for Student Business, CashManagement Workshop

32 Quickbooks All revenues & expenses are entered into one GENERAL LEDGER in Quickbooks All revenues & expenses are entered into one GENERAL LEDGER in Quickbooks Co-Managers are required to enter data once a week Co-Managers are required to enter data once a week Look for this icon on the start menu: Look for this icon on the start menu:

33 Center for Student Business, CashManagement Workshop Quickbooks Refer to the Financial Manual in the CSB for details about using Quickbooks Refer to the Financial Manual in the CSB for details about using Quickbooks Every Revenue & Expense is entered by Co-Managers Every Revenue & Expense is entered by Co-Managers Weekly Weekly Invoices, cashout, procard purchases, catering jobs, IRs received or written, vending revenue – other? Invoices, cashout, procard purchases, catering jobs, IRs received or written, vending revenue – other?

34 Center for Student Business, CashManagement Workshop Open the Chart of Accounts Click on General Ledger Revenues Expenses Sorted by Account Codes

35 Entering figures in QBs Amount = Amount of corresponding mediaAmount = Amount of corresponding media Account = Use correct corresponding account code!Account = Use correct corresponding account code! Number line = InitialsNumber line = Initials Payee = Cash, UCard, YCMP, Credit Card, RSO&Agency, or DepartmentPayee = Cash, UCard, YCMP, Credit Card, RSO&Agency, or Department Center for Student Business, CashManagement Workshop

36 Sales Tracking A template has been set up for each business A template has been set up for each business It is the consultants responsibility to create sales goals for your templates It is the consultants responsibility to create sales goals for your templates It is your job to enter daily sales figures and report on them weekly at All-Staff It is your job to enter daily sales figures and report on them weekly at All-Staff Center for Student Business, CashManagement Workshop

37 Sales Tracking Example

38 Total Sales FigureIncludes YCMP, UCARD, Cash, Credit Cards, RSO Sales and Departmental Sales Sales Goals: automatically decreased by daily sales amounts Center for Student Business, CashManagement Workshop

39 % to LY Total Sales for FY Total Sales for LY Center for Student Business, CashManagement Workshop

40 Using Sales Tracking Report at All Staff how your business is doing: Report at All Staff how your business is doing: To Last year To Last year To Goal To Goal By month, week, year!!! By month, week, year!!! Center for Student Business, CashManagement Workshop

41 Summary : Cashout is Important! How else would your business know that there are problems? How else would your business know that there are problems? Theft Theft Improper Training Improper Training Loss of Revenue = Loss of Revenue = No Raises No Raises Demonstrated inability to run a business Demonstrated inability to run a business Possibility of losing University Support Possibility of losing University Support You help to keep the business on track! You help to keep the business on track! Center for Student Business, CashManagement Workshop

42 Further Questions? Your consultant, the CSB Business Development Coordinator or Rosemary can help Your consultant, the CSB Business Development Coordinator or Rosemary can help Answer questions Answer questions Design new procedures Design new procedures With training Co-Managers With training Co-Managers Center for Student Business, CashManagement Workshop


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